International Finance Corporation

Anonymous

International Organization, 1960, vol. 14, issue 4, 661-662

Abstract: On June 3, 1960, the International Finance Corporation (IFC) announced an agreement with three other investors to invest the equivalent of £2.3 million in the Kilombero Sugar Company, Ltd., in Tanganyika, for a sugar production and refining project estimated to cost £3.2 million, production to begin in 1962. The investment was represented by the equivalent of £1.15 million in debentures bearing 7 percent interest and maturing by 1973; by, £500,000 in convertible income notes maturing by 1975 without fixed interest and bearing returns contingent on earnings; by, £650,000 in share capital; and by an option on ordinary shares. Additional financing for the project was to come from an issue of convertible preferred shares, totaling, £700,000, by the Standard Bank of South Africa and the Colonial Development Corporation, to be offered for sale to residents of Tanganyika.

Date: 1960
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